Aluminum prices are expected to open higher after the holiday Pay attention to whether domestic consumption can improve

Affected by the US inflation and employment data, the US dollar index rushed back down, affecting the price volatility of nonferrous metals
.
The LME banned the delivery of Russian Ural metals, causing market concerns to boost market risk appetite, and London aluminum rose by 2.
28%
during November.
During the period, Lun aluminum inventories continued to fall slightly, falling to a one-month low, and the overall inventory was still at an absolute low
.

The phased rise in the holiday was mainly boosted by the supply side, as the market was particularly hit hard by smelter shutdowns due to concerns that high electricity prices would lead to more smelter shutdowns, and more manufacturers may stop production
in the future.
At the same time, the uncertainty of the domestic aluminum supply side still exists, and the reduction of production in Yunnan will lead to a decline
in operating capacity.
After the holiday, the domestic electrolytic aluminum social inventory was 674,000 tons, an increase of 55,000 tons from the inventory on September 29, and the accumulation market after the holiday was in line with the expectation
of the increase in stocks over the years.
It is necessary to pay attention to whether downstream consumption can turn around to reduce the possibility of continuous accumulation of
aluminum ingots.

On the whole, aluminum prices before the holiday continued to interfere with overseas macro pressure, and weakly fluctuated around
18,000.
After the holiday, it is expected to open higher than 18,700 yuan, but further strong rise still depends on whether domestic consumption can improve and the peripheral macro situation, and the price is expected to fluctuate
in the range of 18,500-19,000 yuan / ton after the holiday.